Boston, MA 11/01/2013 (wallstreetpr) – JPMorgan Chase & Co. (NYSE:JPM) is a global full financial services provider. The company’s interests touch on commercial banking, investment banking and asset management among others. The holding bank has a market cap of $193.75 billion as of Thursday, October 31.
The latest about the company reveals that its $13 billion settlement deal with the U.S. Department over bungled mortgage is not standing properly. However, talks are still on and they seem to be nearing conclusion. The bone of contention stems from differences over whether the bank should be made to pay for financial mistakes committed by Washington Mutual, a mortgage lender that it took over due to government persuasion during the financial crisis. Views that the bank is seeking to halt criminal scrutiny into its mortgage business before the crisis set in are also causing friction in the settlement talks.
With the emerging challenges in the talks, it seems end isn’t in sight for JPM over the several legal onslaughts it is facing. The $13 billion deal is a product of settlement negotiations between the bank and the government for compensation of damages arising from the bank misleading investors in the height of the financial crisis. But beside the $13 billion settlement deal, JPM and the government still have a lot of regulatory issues to solve before the bank can have its peace. In view of growing legal onslaughts, the bank earlier this month spared $23 billion for handling of its legal issue. This led to the bank posting a loss in its books.
It is reported that the bank signed a separate $5.1 billion settlement deal with the Federal Housing Finance Agency on behalf of some mortgage firms affected by JPM actions. In the hurried separate deal with FHFA, $4 billion is counting toward the bigger settlement figure which is $13 billion which is still troubled
